Bitcoin Forum

When and how do we get some news ?
I'm sure my btc friends can help me out :).

google.com

can't find any info.

Auction on Friday. Results on Monday.

is that auction is public , bidding can be seen  ?

Coindesk

no.

How do you see this affecting the price?

Nahh it would never affect the price, people getting 30k btc at a bargain, they would never sell those off on exchanges the second they got them!

first thing they will do by my opinion is to sell them across all exchanges, then wait for even bigger plummet, and then rebuy.
one can only hope the price on auction wont be as low as we fear it will be.

That may not be the case if the guys from Second Market get a large chunk of these coins.   They may hold a lot of them as reserves.

You can watch where they move starting here: https://blockchain.info/address/1Ez69SnzzmePmZX3WpEzMKTrcBF2gpNQ55

The official announcement and details are here:
http://www.usmarshals.gov/assets/2014/bitcoins/

Registration to bid closed on the 23rd and the auction is the 27th.

Good Luck!

It has already affected the price by injecting uncertainty into the market. The very question of "how do you see this affecting the price" is affecting the price.

Monday the price will jump or down for a moment. If it jumps down it will jump right back up. If it jumps up it will come down a little bit.

After that the rising trend will continue until we hit $666 again.

Someone already bid market price -15% for all of them, so they won't go cheaper than 500ish. Since these coins will be sold only to Americans they will be subject to taxation if they sell within 1 year. So you think someone will dump these coins immediately and take a loss with paying taxes? After they would sell with slippage and pay taxes that would average under 400 per coin. So yeah, that's not gonna happen lol.

They only pay tax on profit, not the whole value of bitcoin.

That's not what Webslicer's CPA is saying.  Since the procurement of said coins would be unknown unless you can show a receipt, You get taxed on purchase and sale price (they assume you mined all the coins).

I think will be so much interest, the price will skyrocket

What you mean to say it was stored on a hard drive that crashed and then immediately got recycled.  Yeah that's the ticket!  Not a smidgeon of corruption

Auction is tomorrow.

I remember at least one foreign bank on the leaked list of bidders (BNP Paribas) so saying they will only be sold to Americans is incorrect, it's a fully open auction.

The current drop could be all the FUD around this auction. I guess i just wondered if them being sold on the cheap would negatively impact the price, and if they'd dump a load en mass on the exchanges, and with bitcoins liquidity, depreciating in value. After reading comments in this thread i now recon it wont plummet like the FUD spreaders fear...

It's unlikely to be a bargain;

In fact, 2/3 people think it'll be sold above market:

https://www.betmoose.com/bet/silkroad-coins-will-be-sold-above-market-value

The calendar on the US Marshals page says the winning bidders will be notified by June 30th at 5:00 PM EDT. Will they wait until June 30th to notify them, or is this just the deadline for them to notify them? In other words, I wonder how soon any leaks of information on the bids could appear.

Edit: The weekend could, of course, delay the process. 6PM is after normal business hours on a Friday, so it may not be until Monday the 30th that they can confirm the wired money from the winning bidders and make the transfers. And the deadline for that isn't actually until Tuesday, July 1st for the winning bidders to initiate their wire transfers.

Of course they will wait until Monday at the very least. I would be very surprised if they came in to work over the weekend just for this auction...

Anyone knows when the coins will be transfered to their new owners? I want to know when we'll be back to the normal big rise-smaller correction stuff.

We already recovered back to the 580's, so we aren't going down to test the 500's

http://www.usmarshals.gov/assets/2014/bitcoins/

27.6. Phase II Online auction period from 6:00 AM EDT to 6:00 PM EDT
30.6. Winning bidder notified by 5:00 PM EDT
 1.7. Phase III Deadline for winning bidder to initiate wire transfer

We're about 45 minutes after the close of the auction right now, and the price jump may break 600 here already...

This would be unlikely to be worked this way in reality. It is not uncommon nor is it wrong to tumble or mix your coins, but your receipt would show a purchase to one address, then you would sell your coins out of a completely different address.

Even mining operation has cost. Many miners actually lose money than make money mining.

That kind of operation would likely result in less taxes overall as miners can take capital depreciation and their operating costs (mainly electricity) against the value of the coins mined.